The Ministry of Finance Held a Seminar on Modern Trends in the Internal Audit Management

On November 19, 2020, the Ministry of Finance of Ukraine within the framework of bilateral cooperation with the Ministry of Finance of the Kingdom of the Netherlands held a seminar "Modern trends in the management of the internal audit function" for 103 heads of internal audit departments of public authorities.

The event was held by Manfred van Kesteren, senior advisor auditor at the Internal Audit Department of the Dutch Ministry of Finance; Ruslana Rudnitska, Co-coordinator of the Technical Assistance Project for Ukraine of the National Academy of Finance and Economy and representatives of the Department of State Internal Financial Control Harmonization of the Ministry of Finance of Ukraine.

During the seminar, general approaches to managing the internal audit function and modern challenges were discussed, including:

- components of the management of the internal audit function;

- positioning of the internal audit function in the institution;

- main tasks and role of the head of the internal audit unit;

- principles of effective management of the Internal Audit Department's activity;

- current challenges in managing the internal audit function.

International experts presented the meaning of key performance indicators (KPI) of the internal audit department as the basis for proper management of the function, as well as the main criteria for their definition. Special attention was paid to practical examples of KPI for various stakeholders used by the Government Internal Audit Agency of the UK and the Central Government Audit Service (CGAS) of the Kingdom of the Netherlands.

At the conclusion of the seminar, participants noted the need for similar activities for the continuous professional development of internal auditors.